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The Indian handicrafts market is a vibrant and diverse sector, with a long history and rich cultural heritage. It is a significant contributor to the Indian economy, providing employment to millions of artisans and generating substantial export revenue.
Market Size and Growth
● The Indian handicrafts market was valued at US$ 3,968.0 million in 2022 and is expected to reach US$ 5,583.9 million by 2028, growing at a CAGR of 7.94% during the forecast period (2023-2028).
● This growth is driven by factors such as rising disposable incomes, growing urbanization, increasing awareness about the unique value of handcrafted products, and the increasing popularity of online shopping platforms.
Major Handicraft Categories:
● Textiles: Handloom fabrics, carpets, embroidery, and needlework.
● Woodcraft: Carvings, furniture, toys, and decorative objects.
● Metalware: Brassware, copperware, silver jewellery, and utensils.
● Stoneware: Marble sculptures, soapstone carvings, and pottery.
● Natural Fibers: Baskets, mats, and decorative objects made from bamboo, cane, and jute.
Industry Trends:
● Growing demand for eco-friendly and sustainable handicrafts: Consumers are increasingly aware of the environmental impact of their purchases and are opting for products made from sustainable materials and using traditional techniques.
● Rising popularity of online marketplaces: Online platforms like Amazon, Flipkart, and Etsy are providing artisans with a wider reach and access to a global audience.
● Increased focus on design and innovation: Artisans are incorporating modern designs and techniques into their products to cater to evolving consumer preferences.
● Government initiatives: The Indian government is implementing various initiatives to support the handicraft industry, such as skill development programs, marketing assistance, and financial aid.
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